Gilkey Corporation Began the Year with Retained Earnings of $465,000

question 6

Multiple Choice

Gilkey Corporation began the year with retained earnings of $465,000. During the year, the company issued $630,000 of common stock, recorded expenses of $1,800,000, and paid dividends of $120,000. If Gilkey's ending retained earnings was $495,000, what was the company's revenue for the year?

• A) $1,830,000
• B) $1,950,000
• C) $2,460,000
• D) $2,580,000

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Definitions:

Tort

A civil wrong not arising from a breach of contract. A breach of a legal duty that causes harm or injury to another.

Corporate Law

A branch of law that deals with the formation, governance, and operations of corporations and their relationship with stakeholders.

Shareholders' Meetings

Gatherings of the owners of a corporation's shares to discuss corporate governance and make important decisions.

Stock Certificates

Physical documents certifying ownership of a specific number of shares or stock in a corporation.